Hard Rock Park, the rock ‘n’ roll theme park located in Myrtle Beach, South Carolina was granted an order on Tuesday, January 6, 2009 to file for Chapter 7 bankruptcy and liquidate the park’s assets. Hard Rock Myrtle Beach Holdings LLC will use funds from the sale of assets to pay the park’s creditors.
The 55 acre park opened on April 14, 2008 and was abruptly closed on September 24, 2008 after the owners filed for Chapter 11 bankruptcy. Attendance for the season had fallen far below projections, and the owners could no longer cover the park’s operating expenses. Financial documents filed in court show the park made $21.5 million from April 15 through September, and it owes nearly $300 million. At the time of the September closure, the owners had hoped to reorganize their debt and open the park for the 2009 season. The park went up for auction last month, but no bidder who could pay at least $35 million emerged, and the Chapter 7 request was made.
This final move pretty much signals once and for all that Hard Rock Park will not be able to reopen. The park was home to five roller coasters including a multi-element B&M sit-down coaster.